This invention relates to trading systems particularly financial trading systems.
Electronic equity markets, such as The Nasdaq Stock Market® collect, aggregate and display pre-trade information to market participants. In an electronic market, pre-trade information takes the form of a quote that represents a single or an aggregate of same-priced principal or agency orders. A market such as Nasdaq also provides trading platforms through which market participants may access liquidity indicated in the marketplace. One technique to access liquidity is to direct an order to a specific quoting market participant.